Linwood Thompson, managing director of Marcus & Millichap, will present a wide-ranging forecast of the apartment market at the Apartment Finance Today Conference, held March 30 to April 1 at the Arizona Biltmore in Phoenix.
The bottom of the single-family housing market is near, and the apartment industry is well positioned for a strong recovery, said Linwood Thompson, managing director of Marcus & Millichap, in his annual Apartment Industry Forecast at the recent Apartment Finance Today Conference.
Though the U.S. economy is slowing, the multifamily industry remains somewhat immune from recession and is primed to thrive in the next five to 10 years, according to Linwood Thompson, managing director of Marcus & Millichap’s National Multi Housing Group.
The Chicago apartment market is poised for a very good year, thanks to a combination of job growth, maxed-out mortgages, and low construction costs. Local employers are expected to add jobs at a relatively strong rate for the fourth consecutive year—an estimated 40,000 during the year—which in turn will keep demand on the rise. Chicago's large professional and business services sector will lead job growth, accounting for one-quarter of the new positions.
Thanks to a strong local economy and restrained multifamily development, the San Antonio apartment market will be a very stable investment in 2006. Despite its unflattering reputation for excess construction, the San Antonio market offers a different climate than other Texas markets, such as Dallas and Houston: In San Antonio, the core apartment investor will find the market provides a unique combination of stability and yield.